Gary Cohn, former Goldman Sachs exec and Trump economic advisor, is joining IBM as vice chairman
IBMnamed Gary Cohnas vice chairman and a member of the firm's executive leadership team on Tuesday morning.
- Cohn was a key lieutenant to former
Goldman SachsCEO Lloyd Blankfein and seen as a possible successor before leaving for the Trumpadministration in 2016.
- Cohn served as the director of the National Economic Council from 2017 to 2018.
- Cohn stepped left his post at the White House in 2018 after failing to convince Trump to forgo tariffs on steel and aluminum.
IBM just named Gary Cohn, a one-time senior Goldman Sachs executive and a former economic advisor for President Donald Trump, as its vice chairman and a member of its executive leadership team.
As Blankfein's No. 2, Cohn played a critical role in helping
Cohn got his start on Wall Street as a commodities trader before joining Goldman in 1990.He soon connected with Blankfein, and the two rose through the ranks almost in lockstep, with Blankfein tapping Cohn numerous times for jobs underneath him as he ascended the ranks of Goldman's powerful. Cohn's position made him a potential successor to Blankfein in the event the CEO stepped down, but as the years went on and it became apparent that Blankfein didn't have an intention of stepping down, Cohn began to look at other opportunities.
In 2016, he accepted Trump's offer to run the National Economic Council, a key economic appointment held by several former Goldman bankers before him.The role gave Cohn an opportunity to divest his Goldman stake, including the acceleration of deferred compensation.
The deferred pay became an issue earlier this year when Goldman attempted to claw some of it back for Cohn's role in managing the bank when did deals for 1MDB, the Malaysian development fund that later became one the largest frauds in financial history. Cohn declined to give the money back to Goldman, finally choosing late last year to donate some of it to charity.
Cohn left his post at the White House in 2018 after failing to convince Trump to forgo tariffs on steel and aluminum. Cohn and the outgoing president reportedly disagreed on numerous matters during his tenure, including Trump's response to a white nationalist demonstration at Charlottesville, Virginia.Read more: The David Solomon era at Goldman Sachs kicked off with 43 words Lloyd Blankfein would never say
- Here’s a tiny washing machine that cleans your TWS earbuds in two minutes
- 106-year-old woman in Madhya Pradesh gets her first COVID-19 vaccine
- Facebook's ad delivery system shows gender bias, says new study
- Check out the top 10 batsmen with the highest strike rate in all IPL matches
- Petrol pumps closed in Rajasthan as dealers demand rollback of VAT on fuel